The Case-Shiller 20-city index released today has fallen under the bubble-crash low of April 2009 and confirms a double-dip in home prices. S&P reports a 4.2% national fall in values just in the first quarter of this year.
“Home prices continue on their downward spiral with no relief in sight,” said David Blitzer, chairman of the S&P index committee (See his comment “How the Cities Did“).
Prices have declined for 57 consecutive months in Zillow’s price index. The 10-City S&P Index has fallen 33% from the peak.
“In real terms, all appreciation in the last decade is gone,” said Bill McBride, author at Calculated Risk, a leading source of breaking news in charted format (see Case Shiller data above).
The April reading of pending home sales fell by 11.6% from March. Mortgage delinquencies have flattened out and may be a lone positive indicator.
“Mortgage delinquencies are off their peak highs,” said the Wall Street Journal today (See their post today “Five Questions on Tuesday’s S&P/Case-Shiller“). “This suggests that, for now, the problem isn’t getting worse.”